Israeli chipmaker TowerJazz Q4 profit, revenue up

TowerJazz, which specialises in analogue chips used in cars, medical sensors and power management, earned $60 million excluding one-time items in the fourth quarter, up from $53 million a year earlier. Revenue rose to a record $358 million from $340 million.

Including two one-time income tax benefits, net profit in the quarter was a record $147 million.

The company was forecast to earn adjusted net income of $56.8 million on revenue of $358 million, according to Thomson Reuters I/B/E/S.

It expects first-quarter revenue of $325 million, plus or minus 5 percent, in line with industry seasonality. The company forecast growth throughout the year. (Reporting by Tova Cohen; Editing by Steven Scheer)